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The Securitisation (Amendment) (No. 2) Regulations 2024

Type Statutory-Instrument

Publication 2024-11-21

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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Made: 21st November 2024

Coming into force: 22nd November 2024

The Treasury make these Regulations in exercise of the powers conferred by section 4(4) of the Financial Services and Markets Act 2023[^f00001].

In accordance with sections 4(9) and 84(3) of the Financial Services and Markets Act 2023 a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.

Citation, commencement and extent

1

(1) These Regulations may be cited as the Securitisation (Amendment) (No. 2) Regulations 2024.

(2) These Regulations come into force on the day after the day on which they are made.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Amendment to the Securitisation Regulations 2024

2

In the Securitisation Regulations 2024[^f00002], in regulation 12(5) (use of STS designation), for “31st December 2024” substitute “30th June 2026”.

Signed

Jeff Smith — Vicky Foxcroft — Two of the Lords Commissioners of His Majesty's Treasury — 21st November 2024

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

Regulation 12(3) of the Securitisation Regulations 2024 (S.I. 2024/102) (“the Securitisation Regulations”) defines a qualifying EU securitisation which may use the STS (simple, transparent and standardised) designation in the UK. Regulation 12(3)(b) of the Securitisation Regulations requires applicable securitisations to be notified to the European Securities and Markets Authority before the relevant time, stated in regulation 12(5) to be 11 p.m. on 31st December 2024. These Regulations amend regulation 12(5) of the Securitisation Regulations to extend this deadline to 11 p.m. on 30th June 2026.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment of the effect of these Regulations is available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside these regulations on www.legislation.gov.uk.

Footnotes

[^f00001]: 2023 c. 29.

[^f00002]: S.I. 2024/102, to which there are amendments not relevant to these Regulations.

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